Eric Ensmann
About Eric Ensmann
Eric E. Ensmann is Chief Risk Officer (CRO) at First Western Financial (MYFW), appointed in 2024, overseeing Enterprise Risk Management, Credit Risk, Credit Administration, Information Security, Compliance, and Audit for the bank subsidiary; he has a 30-year banking career with the last 15 years focused on credit and risk management, and holds a Bachelor’s in Finance from the University of Houston . He is 57 years old per the 2025 proxy’s executive officer table . Company performance context during his tenure window includes corporate TSR disclosure (value of $100 invested on 12/31/2021 equals $64.39 in 2024) and net income trends (see table below) .
Corporate Performance – Annual
| Metric | FY 2022 | FY 2023 | FY 2024 |
|---|---|---|---|
| Revenues ($USD) | $27,738,000 | $21,948,000 | $27,680,000 |
| Net Income ($USD) | $21,698,000 | $5,225,000* | $8,473,000 |
Values retrieved from S&P Global for cells marked with an asterisk.
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| BBVA USA | Interim CRO; Director of Risk Internal Control; Director of Enterprise Risk Management | 18 years | Led risk control and enterprise risk programs across major bank operations |
| Independent Bank | SVP, Director of Loan Review | Not disclosed | Directed loan review, underwriting oversight, and credit risk assurance |
External Roles
No external board roles or public company directorships disclosed for Ensmann. (Skip – not disclosed)
Fixed Compensation
- MYFW is a Smaller Reporting Company and provides scaled executive compensation disclosure focused on named executive officers; Ensmann (CRO) is not disclosed as an NEO and his base salary and bonus specifics are not provided in the proxy .
Performance Compensation
- Company incentive architecture applicable to senior executives centers on Short-Term Incentive (STI) cash bonuses and Long-Term Incentive (LTI) equity (RSUs and PSUs). CRO-specific targets and outcomes are not disclosed; below are program designs and weightings disclosed for NEOs, which indicate the framework and metrics used by the Compensation Committee.
2024 Short-Term Incentive Plan Metrics and Weightings (NEOs)
| Metric | CEO Weight | COO Weight | CBO Weight |
|---|---|---|---|
| Gross Revenues | 25% | 30% | 30% |
| Operating EPS | 15% | 20% | 40% |
| Operating PTPPNI | 15% | 20% | 0% |
| PTIM Fees | 15% | 0% | 0% |
| Qualitative Factors | 30% | 30% | 30% |
- STI awards are subject to the company’s Nasdaq-compliant clawback policy tied to financial restatements .
PSU Design (Performance-Based Equity)
| Feature | Detail |
|---|---|
| Metric | Average Operating EPS over a 3-year performance period |
| Payout Range | 0%–150% of target shares |
| Vesting | Earned after 3-year performance; then 2-year continued service requirement |
RSU Design (Time-Based Equity)
| Feature | Detail |
|---|---|
| Vesting | 20% per year over 5 years, subject to continued employment |
Equity Plan Provisions (Omnibus Plan; applies to awards)
- Options: Exercise price ≥ 100% of FMV at grant; max term 10 years; vesting set by Committee; various exercise methods permitted .
- Recapture/Clawback: One-year “right of recapture” if terminated for cause or post-termination restrictive covenant breach; incentive-based comp recovery aligned to SEC/Nasdaq clawback rules .
- Retirement Vesting Continuation: Awards for “Retirement Eligible Employees” continue to vest and be earned per award terms after retirement; all awards amended to incorporate this provision .
Equity Ownership & Alignment
Stock Ownership Guidelines (Executive Policy)
| Executive Category | Required Ownership |
|---|---|
| CEO | 6x annual base salary |
| COO | 4x annual base salary |
| Other Senior Executive Officers (includes CRO) | 2x annual base salary |
| Other specified senior managers | 1x annual base salary |
- Guidelines provide five years to reach compliance; post-deadline, sales limited to 50% of net shares received until compliance is achieved .
- Hedging/Pledging: Prohibited for directors and executive officers (limited exceptions with pre-approval); short sales and derivatives also prohibited; margin accounts restricted .
- Clawback: Company adopted a clawback policy consistent with Exchange Act Section 10D/Nasdaq rules; recovery applies to excess incentive-based comp over three completed fiscal years preceding a financial restatement .
- Current beneficial ownership, pledged shares, and compliance status for Ensmann are not disclosed. (Skip – not disclosed)
Employment Terms
- Role start: Joined First Western Trust (bank subsidiary) in 2024 as CRO .
- Contract specifics, severance, and change-in-control terms for Ensmann are not filed publicly. (Skip – not disclosed)
- Company-wide plan-level protections: clawback and recapture provisions on awards; retirement vesting continuation; insider trading/hedging restrictions .
Performance & Track Record
- 30-year banking career with 15 years focused on credit risk and risk management disciplines .
- Prior leadership includes Interim CRO and enterprise risk leadership at BBVA USA, and loan review leadership at Independent Bank—indicating depth in credit oversight and risk frameworks .
Compensation Committee, Peer Group, and Say-on-Pay Signals
- Compensation Committee engaged Alvarez & Marsal in 2024; identified peer group and advised on incentive design; committee met three times in 2024 .
- 2024 Peer Group (15 banks) used for benchmarking; committee does not target a specific percentile but considers market, performance, and individual factors .
- 2024 Say-on-Pay approval was 67%; feedback led to expanded disclosure on metrics, weightings, and PSU/STI transparency in 2025 .
Investment Implications
- Alignment: Strict hedging/pledging prohibitions and 2x salary stock ownership guideline for senior executives (including CRO) suggest meaningful long-term alignment, with clawback and recapture provisions strengthening discipline and downside accountability .
- Vesting/Selling Pressure: RSUs (20% over 5 years) and PSUs (3-year performance + 2-year service) create continuous vesting cadence; executives below guideline limits can be restricted to selling only 50% of net shares from vest events, potentially reducing near-term selling pressure .
- Retention Risk: Award continuation on retirement and robust plan-level protections (recapture upon cause/breach, clawback) can moderate attrition incentives; lack of disclosed CRO-specific severance/CIC economics leaves uncertainty on retention levers relative to CEO/COO/CBO .
- Performance Levers: Company uses Operating EPS, Gross Revenues, and Operating PTPPNI in incentive design; risk management success under the CRO should support these metrics indirectly—investors should monitor credit outcomes and provisioning trends alongside these KPIs for compensation alignment .